Fashion is out, spending less is in! Recent sales for clothing and accessory brands have dropped by a whopping 50% and credit card spending is down 60% compared to the same period last year. Despite some toilet paper hoarding and panic buying, Canadians have actually been spending way less in the past few weeks. Everything has changed as COVID-19 continues to impact our daily lives including our jobs and income. These rapid changes have not only made us appreciate the importance of our financial health over materialism, they also reveal how much less we spend when we don’t buy things we don’t need. We know changes aren’t easy, especially at the beginning. You might still remember some of your financial new year’s resolutions that didn’t work out, but no need to feel bad – studies have shown that humans naturally resist change, even when we know the changes will lead to beneficial results. The current circumstances, although difficult, can help push you to learn about your spending and improve your financial habits quickly. The key habit of financial health is to control your spending. Simply put, the less your spend, the more you have to put

Let’s start off with some good news! Recent stats have shown that Canada is flattening the coronavirus curve. While we’re not out of the storm yet, it’s nice to see positive results coming from all of our sacrifices. For the past month and a half, this pandemic has taught us important lessons on our finances. Many of us have learned how deeply our financial health impacts our happiness during these uncertain times. A past U.S. study has shown that 9 out of 10 people agree that nothing makes them happier than feeling like their finances are in order. So when it comes to finding a true pathway to happiness, remember that splurging on short-term pleasures like owning the most trendy sneakers is nothing compared to mastering your money in the long run. Since many of us are focused on taking care of our finances right now, we recently shared the job loss action plan and the financial buffer plan to help you on your way to a better financial position. Using this knowledge, you’ll need to take consistent action in order to create habits that will help you achieve your goals. Getting the results you

The economic impact from COVID-19 continues to be felt by almost everyone as job losses mount. Being on top of your finances is now more important than ever. For those of us that are fortunate enough to still have an income, it’s key to start building a financial buffer in case the unexpected happens and your next paycheck never comes. Many people believe that this kind of an emergency fund should cover your essential expenses for 3 to 6 months. But, since many Canadians are currently in debt, building that kind of savings simply isn’t realistic in a short period of time. That said, you can still take steps towards being in a better financial position even while you’re staying at home. Everyone’s situation is unique, but the basic idea of building your financial buffer quickly is simple – temporarily reduce all your expenses, focus on paying off your high interest debt, and then start saving up. Let’s get into it. SIGNUP NOW The 50/50 budget This is essentially a modified version of the 50/30/20 budget. You’ll focus on putting as much as 50% of your paycheck towards building your financial buffer,

Updated April 22, 2020 The COVID-19 pandemic has been challenging for all of us, many of us are facing never-before-seen financial challenges, businesses have been forced to close down and workers are being laid off. If you’ve lost your job, we’ve put together an action plan below that could help you through this challenging time. We’ll continue to update this list as the situation evolves. If you’re a current MogoMember and you have any questions about your active Mogo products and services, log in to your MogoAccount and chat with our product specialist. 1. Stay calm and stay cautious 🧐 It may be difficult to keep a clear head in chaotic times like these, but don’t let panic overrun your common sense. Avoid overspending and over-buying supplies. Fraudsters have already started preying on consumers' fears and spreading misinformation, so be cautious with phone calls, emails, and texts regarding COVID-19. To help you monitor and protect your finances during this crisis, in addition to our free monthly credit score monitoring, you can now get 6 months of MogoProtect identity fraud protection for free using promo code “STAYSAFE”. Our credit bureau partner Equifax is also currently offering a